Press Release: April 18, 2020
Smart Home refers to a convenient home setup equipped with lighting, heating and electronic devices that can be controlled remotely from any internet-connected place in the world using a smartphone or other networked device. A smart home has its devices interconnected through the internet which helps the user to perform numerous functions such as security access to the home, setting up of temperature, lighting and home theatre. The smart home appliances are enabled with self-learning skills which helps in automatically adjusting the system according to the homeowner’s schedules. Smart home offers remarkable benefits to the user such as it is highly cost-effective, improves security, reduces energy consumption and helps in easy handling of regular household tasks. Some of the smart appliances used in the homes includes Smart TVs, Smart locking systems, Smart security cameras and Smart Entertainment systems.
The major factors contributing towards rise in the demand of the Global Smart Homes market includes the growing adoption of smart devices among the end-users and the rising demand for real time home security solutions and consumer electronics across the globe. With the expanding internet user base, the consumer’s have significantly shifted towards the adoption of home monitoring systems which can be automatically controlled using smartphones or smart gadgets from any part of the world. This fundamental shift in order to increase security of the homes will drive the demand of the Global Smart Homes market across the globe. Various government initiatives are focusing on spreading environmental awareness by the usage of energy-saving and low carbon emission solutions, thereby encouraging the customers to opt for Smart lighting systems across the globe. The Smart homes not only helps in decreasing the energy consumption but also improves the safety and security of the home while delivering an unforgettable experience to the end-user. The multinational giants are heavily investing in the development of the technologically advanced smart home systems and solutions which will create new opportunities in the market, thereby attracting a large number of consumers towards the Global Smart Homes market during the forecast period. In addition to this, the increasing implementation of smart speakers, home appliances and light control systems among the target customers will further accelerate the growing demand of the market. On the other hand, the huge cost involved in the installation of the smart home appliances will hamper the growth of the Global Smart Homes market over the coming years.
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Based on Product, the Global Smart Homes market is segmented into Lighting Control, Security and Access Control, HVAC Control, Entertainment Control and Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances and Smart Furniture. The Entertainment Control and Other Controls segment is anticipated to lead the market during the forecast period owing to the growing demand for audio, volume, and multimedia room controls among the customers across the globe. Consumers are now actively looking for smart entertainment devices which provides relaxation and rejuvenation at the same time. The multi-room entertainment control system allows the user to centralize all connected devices while listening to songs or watching a movie. Moreover, the continuous advancement in wireless communication technologies is driving the demand for home theatre systems, thus boosting the growth of the Global Smart Homes market during the forecast period. For Instance, Amazon Echo is a smart speaker that responds to voice commands using Alexa, research the internet, controls smart home devices and stream music as per the user’s choice and mood. The increasing electricity bill cost among the household consumers is encouraging them to adopt for smart meters, smart plugs, smart locks and smoke detectors, which will have a positive impact on the growing demand of the Global Smart Home market over the coming years.
Based on Software & Services, the Global Smart Homes market is segmented into Behavioural and Proactive. The Behavioural segment is expected to grow at a higher CAGR during the forecast period due to the growing demand of smart home and energy management markets driven by the rising connectivity between machine-to-machine solutions and the Internet of Things (IoT). The Behavioural type of solution provides direct feedback to the end-user by analysing energy-related data and forwarding the information to the users.
Based on the region, Asia-Pacific is anticipated to lead the market during the forecast period owing to the increasing growth of the smart home industry and the large-scale implementation of hardware and software solutions in the developing economies such as China and Japan. The rapid urbanization, continuous increase in the population and the strong economic growth is encouraging the customers towards sophisticated infrastructure, thereby driving the demand of the Smart Home market in the Asian countries. In addition to this, the rising trend of smart lighting controls, HVAC controls and security control across China and India will complement the growing demand of the market over the coming years. China, one of the largest smart home markets in Asia, is largely focusing towards advanced technological development in order to capture the changing demands of the customers, which will further boost the Smart Home market in this region.
Various notable players operating in the market Honeywell International Inc., Siemens AG, Johnson Controls, Schneider Electric, United Technologies, Amazon Inc., Apple, Google, ADT and Robert Bosch GmbH among others.
The Global Smart Homes market has been segmented based on Product, Software & Services and Key Regions. Based on Product, the market is segmented into Lighting Control, Security and Access Control, HVAC Control, Entertainment Control and Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances and Smart Furniture. Based on Software & Services, the market is segmented into Behavioural and Proactive.
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